Baby boomer retirements, pandemic-driven career shifts and leadership gaps contribute to the persistent trend, the labor participation rate remains 1% below pre-pandemic levels.
Current leaders, often overwhelmed, race to address complexities. Newer employees, while gaining experience, struggle with intricate issues like technology advances, reducing low-skilled roles but increasing the demand for high-skilled resources.
Strategies for Success:
1️⃣ Leadership & Culture: Exceptional leaders and a solid company culture are imperative. People follow people, not just companies. Hard work, risk-taking, and performance management are key.
2️⃣ Training, Education & Mentoring: Develop talent internally by providing step-by-step training, explaining the ‘why,’ and offering mentorship.
3️⃣ Supplement Resources: Clients turn to consultants and contractors for critical priorities, prioritizing knowledge transfer for sustained upgrades.
4️⃣ Appreciate Different Talent Pools: Explore retired workers and veterans as valuable resources.
5️⃣ Revisit Job Requirements: Focus on skills and characteristics rather than specific degrees or experiences.
6️⃣ Meaning, Flexibility & Opportunities: Attract, engage and retain employees by ensuring meaningful work, flexibility and advancement opportunities.